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SBI to terminate over 300 dormant bank accounts

Aishath Mihna Nasih
04 April 2017, MVT 16:25
State Bank of India Male Branch
Aishath Mihna Nasih
04 April 2017, MVT 16:25

State Bank of India (SBI) has issued a notice to abolish over 300 accounts that have been left dormant for long periods of time.

The notice issued by SBI states that the owners of the announced 391 accounts should make a decision on their respective accounts before May 31, 2017. SBI added that accounts whose owners are uninformed may be abolished after transferring the accounts' money to Maldives Monetary Authority (MMA).

The Banking Act of Maldives authorizes banks to withdraw long unused dormant accounts. For accounts inactive for five years, the banks are mandated to send account details to the owner's last given address. If owners do not respond to the claim, their names will be published in the media.

A 60-day period will be given to finally abolish the accounts.

The money in the accounts are handed over to MMA where it is deposited among investment funds. If the owner does not claim the money after five years, it will be transferred to the Ministry of Finance and Treasury. However, MMA will return the money if owners provide enough evidence to prove ownership of their abolished accounts.

SBI has urged the owners of the listed accounts to head to the bank with an identification document to verify their bank accounts and make a decision regarding their termination.

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